Kelley Blue Book, a Cox Automotive company, announced the 2023 model-year brand, category, and top 10 winners of the 21st annual Best Resale Value Awards. These awards recognize vehicles for their projected retained value through the initial five-year ownership period.
According to KBB, at the end of 2022, the average transaction price of a new vehicle reached a record high of $49,507, and these averages have remained above sticker price, or manufacturer's suggested retail price (MSRP) for more than a year.
"Toyota wins Best Resale Value: Brand for 2023, while its sibling Lexus wins Best Resale Value: Luxury Brand, both enjoying top honors for the second consecutive year," said Janice Yoell, senior manager of valuations for Kelley Blue Book. "In addition, Kelley Blue Book made some changes to the vehicle categories for the 2023 Best Resale Value Awards, adding additional categories to reflect the growing electric vehicle market. In recent years the awards featured just one overall Electric Vehicle category, but now Kelley Blue Book's Best Resale Value Awards include categories for Electric Car, Luxury Electric Car, Electric SUV, Luxury Electric SUV, and Electric Truck. As the automotive landscape shifts and manufacturers continue to introduce more and more electric models, it was fitting to expand the award categories accordingly."
This year marks the seventh Best Resale Value: Brand win for Toyota, which previously won the same honors in 2014, 2017, 2018, 2019, 2021, and 2022.
The 2023 KBB Resale Winners
Looking at just the trucks and SUVs that took home accolades from KBB, this years winners are:
- COMPACT PICKUP TRUCK: Ford Maverick
- MIDSIZE PICKUP TRUCK: Toyota Tacoma
- FULL-SIZE PICKUP TRUCK: Toyota Tundra
- FULL-SIZE PICKUP TRUCK – HEAVY-DUTY: Chevrolet Silverado HD
- MIDSIZE SUV – 2-ROW: Subaru Outback
- OFF-ROAD SUV: Ford Bronco
- MIDSIZE SUV – 3-ROW: Hyundai Palisade
- FULL-SIZE SUV: GMC Yukon
- ELECTRIC SUV: Ford Mustang Mach-E
Now in its 21st year, Kelley Blue Book's Best Resale Value Awards are based on projections from the Kelley Blue Book Official Residual Value Guide.
Kelley Blue Book Residual Values are established by experienced automotive analysts that review the output from statistical models built upon millions of transactions. Vehicles that earn the highest five-year residual values, expressed as a percentage of their original MSRP, are selected for these awards. Low-volume vehicles are excluded from award consideration, except in the electric, luxury, and sports car categories.